Aegon USA Realty Advisors of Cedar Rapids, IA, provided a seven-year loan with a long-term amortization and sub-6% fixed-rate interest, B. Jeffrey Knowles with the Houston office of Holliday Fenoglio Fowler LP tells GlobeSt.com. The borrower, US Storage/Woodlands 2 Ltd. is a limited partnership sponsored by Raymond Betz of Betz Cos. in Houston.
The 60,838-sf facility, now 85% leased, was built in 2001 on about four acres at 7951 Alden Bend in the Woodlands. Knowles says the lender was comfortable with offering a non-recourse loan due to the Woodlands' master-planned, development controls and the high-income demographics.
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